Subtitles of the Movie

In this movie we'll pick up where we left off in the previous movie with a review of the workbook exercise questions starting at number seven. Number seven moves into questions relating to the tools and techniques. Here you are asked to match the tools and techniques listed to the descriptions and statements listed to the right of the screen. As you can see down to the bottom left hand, our tools and techniques include A, risk probability and impact assessment; B, probability and impact matrix; C, risk data quality assessment; D, risk categorization; E, risk urgency assessment and F, expert judgment. We'll call these characteristics. Characteristic number one says when sufficient information is not available to result in high-quality information used for risk management purposes, benefits versus the cost of uncertainty are evaluated. This refers to C, risk data quality assessment. Remember that here we're assessing the information that we use for risk management purposes and when it's determined that the information is not of high quality or accurate and so forth, we need to gather additional data and information. But when this information is not available, evaluating the benefits versus the cost of uncertainty can give us better insight as to what to do next. Moving on to characteristic number two, includes individuals that have experience with similar projects. This refers to F, expert judgment. Number three says can be described as a lookup table. And the answer here was B, probability and impact matrix. As a refresher, this matrix is developed to refine this part of the risk management plan. And as you might recall, you look up the probability rating on the far left-hand column of the matrix and then follow that run until you find the impact rating. That will then tell you the overall risk rating and whether you consider it to be a high, moderate or low risk. Moving to characteristic four, it says this assessment can be used with risk probability ratings and risk impact ratings to determine an overall risk rating. The answer was E, risk urgency assessment. Now, this is not always the case but sometimes the level of risk urgency can be a factor that is taken into account when assigning an overall risk rating as you see within this statement. Number five, within questions 7, it says results in a risk probability rating and a risk impact rating and as you can see, the answer is A, risk probability and impact assessment. When you're assessing risk, you're looking it from these two points and the process itself will look at a combined rating of these two factors that will allow us to further prioritize risk. Six says is required to assess the probability and impact of each risk. That's F, expert judgment. Remember that expert judgment doesn't necessarily imply expertise in assessing risk but instead of the project areas pertaining to risk. This is why an experienced individual should facilitate the meetings and interviews that involve risk assessment. Number seven says results in an overall risk rating. The answer that we're looking for here is B, probability and impact matrix. What the matrix will allow you to do is prioritize the risk. Remember that this uses the information from risk assessment conducted as part of this process. Eight says groups risk by source. The answer here is D, risk categorization. Moving on to nine within question seven, it says examines the effects of a risk on project objectives. And the answer is A, risk probability and impact assessment. We're looking at the risk effect on the project objectives based on the probability and the impact level. Number ten says sometimes uses the color classification system to determine whether a risk is considered to be a high risk, moderate risk or a low risk. And the answer is B, probability and impact matrix. We'll pause here and continue our review of question number seven in the next movie.